Affordable Housing Resource Center :
Legislation - 2009
Enacted Legislation
Appropriations
H.R. 2346, Supplemental Appropriations Act, 2009
Public Law No: 111-32
Economic Recovery
H.R. 1, American Recovery and Reinvestment Act of 2009
(signed by the president February 17, 2009)
*Related information also available on the Hot Topics Page: Economic Recovery - 2009*
Senate Appropriations Committee Summary of ARRA Conference Report
(February 12, 2009)Full Summary of Provisions from Senate Finance and House Ways & Means Committees
(February 12, 2009)Side-By-Side Chart of Notable Differences Between the Senate-Passed and the House-Passed American Recovery and Reinvestment Act of 2009
(February 10, 2009)Summary of Finance Provisions as Amended on the Floor through 2/7, Plus Expected Elements of the Collins-Nelson Amendment
(February 9, 2009)Cantwell LIHTC Accelerator Amendment
(February 4, 2009)Bond LIHTC Gap Funding Amendment
(February 4, 2009)
Introduced Legislation
Affordable Housing Preservation
H.R. __, Housing Preservation and Tenant Protection Act of 2009
Drafted by Rep. Barney Frank (not yet introduced)
Recording of Financial Services Committee Hearing: Legislative Options for Preserving Federally- and State-Assisted Affordable Housing and Preventing Displacement of Low-Income, Elderly and Disabled Tenants
( Thursday, June 25, 2009)Recording of Financial Services Subcommittee on Housing and Community Opportunity Hearing: Legislative Options for Preserving Federally- and State-Assisted Affordable Housing and Preventing Displacement of Low-Income, Elderly and Disabled Tenants
(Wednesday, July 15, 2009)
Affordable Housing Exit Tax Relief
H.R. 2887, Affordable Housing Preservation Tax Relief Act of 2009
Introduced June 16, 2009 by Rep. Artur Davis
Would amend the Internal Revenue Code to exclude from gross income gain from the sale or exchange of certain multifamily housing property to a housing credit agency or related organization (preservation entity) that agrees to maintain certain affordability and use restrictions for such property. Would limit the excludable amount of such gain to the depreciation adjustments for such property.
Amend the Recovery Act
S. 1326, Disaster State Housing Recovery Act of 2009
(June 23, 2009)
Would amend the American Recovery and Reinvestment Tax Act of 2009 to clarify the low-income housing credits that are eligible for the low-income housing grant election, and for other purposes.
Basic Allowance for Housing (BAH) Exclusion
S. 2827, Military Families Homes Act
(Introduced December 3, 2009)
Cosponsors (none) More information
Carried Interest
H.R. 1935, To amend the Internal Revenue Code of 1986 to provide for the treatment of partnership interests held by partners providing services
(April 3, 2009)
Consensus Proposals
H.R. 4109, 5-year LIHTC Carryback
(November 18, 2009)
To amend the Internal Revenue Code of 1986 to allow the low income housing credit to be carried back 5 years, and for other purposes.
Disaster Relief
S. 2928, Heartland Disaster Relief Extension Act of 2009
(December 23, 2009)
Cosponsors (none) More information
Economic Recovery
S. 336, the American Recovery and Reinvestment Plan
(January 27, 2009)
American Recovery and Reinvestment Plan Report (January 27, 2009)
Joint Committee on Taxation Analysis of Senate Finance Tax Provisions for the American Recovery and Reinvestment Act of 2009 (January 23, 2009)
Finance Committee Staff Summary of Senate Finance Tax Provisions for the American Recovery and Reinvestment Act of 2009 (January 23, 2009)
Click here to view the Jan. 27, 2009 Senate Fiance Committee Hearing on the American Recovery and Reinvestment Act of 2009 (Requires RealPlayer; will launch in media player window)
Joint Committee on Taxation Analysis of Modified Senate Finance Tax Provisions for the American Recovery and Reinvestment Act of 2009 (January 27, 2009)
H.R.598, the American Recovery and Reinvestment Tax Act of 2009
(January 16, 2009)
Summary of changes in the Chairman’s amendment in the nature of a substitute
Chairman’s Amendment in the Nature of a Substitute to H.R. 598 (Legislative Text)
Description of Title I H.R. 598 “American Recovery and Reinvestment Tax Act of 2009”
Description of Title II H.R. 598 “Assistance for Unemployed Workers and Struggling Families”
Description of Title III H.R. 598 “Health Insurance Assistance for the Unemployed Act of 2009”
CBO Estimates of Title II in H.R. 598
Joint Committee on Taxation Estimated Revenue Effects of H.R. 598
H.R. __, the American Recovery and Reinvestment Bill of 2009
(January 15, 2009)
Appropriations Committee Report on the American Recovery and Reinvestment Bill of 2009
Appropriations Committee Summary of the American Recovery and Reinvestment Bill of 2009
Exchange Program
H.R. 4687, Low Income Housing Tax Credit Exchange Expansion and Job Creation Act of 2010
Introduced February 24, 2010
Cosponsors (none) More information
Press Release: Rep. Sánchez Introduces Bill to Combat Housing Crisis, Spur Job Growth (February 24, 2010)
Extenders
American Workers, State, and Business Relief Act of 2010
As of February 24, 2010
H.R. 4213, Tax Extenders Act of 2009
(Introduced December 7, 2009)
Click here to go to the Tax Extenders of 2009 Hot Topics page for more information
Miscellaneous
H.R. 3715 Community Restoration and Rehabilitation Act of 2009
Introduced
October 1, 2009 by Rep. Allyson Schwartz
Amends the Internal Revenue Code to: (1) Increase the historic tax credit from 20 percent to 30 percent for small projects with up to $5 million in qualified rehabilitation expenditures; (2) Permit the 10 percent non-historic credit for older buildings to be used for rehabilitating residential rental property; (3) Change the definition of “older building” to include any building “50 years or older;” (4) Allow tax-exempt tenants to occupy buildings that use the historic tax credits; (5) Boost the historic tax credit an additional $2 dollars to $5 dollars per square foot depending on a range of energy savings starting at 30 percent and graduating up to 50 percent. Building owners could receive partial credit; (6) Allow the transfer of historic tax credits to another taxpayer for projects less than $5 million in qualified rehabilitation costs; (7) Allow an owner to claim the historic tax credit if the rehabilitation cost exceeds 50 percent and not 100 percent of the basis; (8) Specify that proceeds from the sale of state historic tax credits should not be considered income for federal income tax purposes.
Cosponsors More information (coming soon)
S. 1743 Community Restoration and Rehabilitation Act of 2009
Introduced
October 1, 2009 by Sen. Blanche Lincoln
Amends the Internal Revenue Code to: (1) Increase the historic tax credit from 20 percent to 30 percent for small projects with up to $5 million in qualified rehabilitation expenditures; (2) Permit the 10 percent non-historic credit for older buildings to be used for rehabilitating residential rental property; (3) Change the definition of “older building” to include any building “50 years or older;” (4) Allow tax-exempt tenants to occupy buildings that use the historic tax credits; (5) Boost the historic tax credit an additional $2 dollars to $5 dollars per square foot depending on a range of energy savings starting at 30 percent and graduating up to 50 percent. Building owners could receive partial credit; (6) Allow the transfer of historic tax credits to another taxpayer for projects less than $5 million in qualified rehabilitation costs; (7) Allow an owner to claim the historic tax credit if the rehabilitation cost exceeds 50 percent and not 100 percent of the basis; (8) Specify that proceeds from the sale of state historic tax credits should not be considered income for federal income tax purposes.
Cosponsors More information (coming soon)
H.R. 3641, Military Families Affordable Homes Act
Introduced September 24, 2009 by Rep. Glenn Nye
Would amend the Internal Revenue Code of 1986 to expand the military housing allowance exclusion for purposes of determining area gross income in determining whether a residential rental property is a qualified residential rental property for purposes of the exempt facility bond rules.
Cosponsors (none) More information (coming soon)
Troubled Assets Relief Program (TARP)
H. R. 3068, TARP for Main Street Act of 2009
Introduced June, 26, 2009 by Rep. Barney Frank
Would use amounts made available under the Troubled Assets Relief Program of the Secretary of the Treasury to fund the Affordable Housing Trust Fund.
H.R. 384, the TARP Reform and Accountability Act of 2009
Introduced January 9, 2009 by Rep. Barney Frank
Among other things would amends the Emergency Economic Stabilization Act of 2008 (EESA) to direct the Secretary of the Treasury to require specified depository institutions under the Troubled Asset Relief Program (TARP) to report periodically on their use of TARP assistance.
Cosponsors (none) More information
Novogradac & Company's LIHTC Hot Topics Page: TARP Proposals
U.S. Department of Housing and Urban Development
Section 202
S. 118, Section 202 Supportive Housing for the Elderly Act of 2009
Introduced January 6, 2009 by Sen. Herb Kohl
A bill to amend section 202 of the Housing Act of 1959, to improve the program under such section for supportive housing for the elderly, and for other purposes.
Section 811
H.R. 1675, Frank Melville Supportive Housing Investment Act of 2009
Introduced March 23, 2009 by Rep. Christopher S. Murphy
A bill to amend section 811 of the Cranston-Gonzalez National Affordable Housing Act to improve the program under such section for supportive housing for persons with disabilities.
S. 1481, Frank Melville Supportive Housing Investment Act of 2009
Introduced July 21, 2009 by Sen. Robert Menendez
A bill to amend section 811 of the Cranston-Gonzalez National Affordable Housing Act to improve the program under such section for supportive housing for persons with disabilities.